Calvert International Equity Fund: A Shares

The Fund seeks to provide a high total return consistent with reasonable risk by investing primarily in a diversified portfolio of stocks.

The Fund invests primarily in the common and preferred stocks of non-U.S. large cap companies. The Fund defines "non-U.S. large cap" companies as those whose market capitalization falls within the range of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Global Investable Market Index (IMI). The Fund generally holds stocks of companies of the constituent countries of the MSCI EAFE IMI, but may invest in other countries, including emerging markets stocks. The Fund seeks to invest in companies and other enterprises that demonstrate positive environmental, social and governance performance as they addess corporate responsibility and sustainability challenges. In the multi-manager structure, the Advisor and the Sub-advisor utilize fundamental insights arrived at through qualitative and quantitative analysis of a broad range of non-U.S. securities to identify stocks expected to provide returns superior to that of the benchmark. The Advisor attempts to control the portfolio's risk level and maximize the Fund's return potential relative to the benchmark by balancing the risks and opportunities between the portions of the portfolio managed by the Advisor and the Sub-advisor, and may shift allocations among the Advisor and Sub-advisor depending on market conditions, managers' respective style biases, and performance opportunities.

The performance data quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance assumes the reinvestment of all distributions, and reflects the deduction of fund expenses and applicable fees. Indices reflect no deductions for fees or expenses. An investor cannot invest directly in an index. Returns for periods of less than one year are not annualized.

Characteristics

December 31, 2014

Portfolio

Benchmark

Number of Holdings

223

3,106

W. Avg Cap. (mils)

$50,646.5

$53,271.9

W. Median Cap (mils)

$27,935.2

$29,768.9

P/E 1-year trailing

16.9

16.2

P/E 1-year forward

15.3

15.2

EPS Growth, past 3 years

14.7%

6.9%

EPS Growth, next 3 - 5 years

11.1%

10.2%

Price to Book

1.9

1.6

Price to Sales

0.1

0.2

Dividend Yield

2.5%

2.9%

Active Share

76.7%

N/A

September 30, 2014

Portfolio

Benchmark

222

3,067

$56,933.8

$57,334.6

$35,336.2

$31,280.1

17.3

15.7

15.0

15.0

16.0%

5.9%

11.5%

10.4%

2.0

1.6

1.2

1.0

2.5%

2.9%

76.2%

N/A

December 31, 2013

Portfolio

Benchmark

225

3,083

$48,413.1

$49,502.7

$26,707.1

$25,710.3

18.9

15.9

16.6

15.2

14.5%

10.4%

13.0%

11.9%

2.2

1.7

1.4

0.9

2.3%

2.9%

74.7%

N/A

Returns Based Statistics
(3 Year)

December 31, 2014

Portfolio

Benchmark

Average Annual Return

10.10%

11.87%

Standard Deviation

11.89%

13.12%

Beta vs. Market

0.88

1.00

Excess Return

-1.77%

0.00%

R-Squared

94.49%

100.00%

Tracking Error

3.20%

0.00%

Information Ratio

-0.55

0.00

Sharpe Ratio

0.85

0.90

September 30, 2014

Portfolio

Benchmark

12.69%

14.24%

13.12%

14.18%

0.90

1.00

-1.55%

0.00%

95.41%

100.00%

3.13%

0.00%

-0.50

0.00

0.96

1.00

December 31, 2013

Portfolio

Benchmark

7.41%

8.78%

15.32%

16.37%

0.92

1.00

-1.37%

0.00%

96.75%

100.00%

3.05%

0.00%

-0.45

0.00

0.48

0.53

Sector Weights / Percentage of Holdings (ex-cash)

December 31, 2014

Portfolio

Benchmark

+ / -

Consumer Disc.

17.71%

13.16%

4.54%

Consumer Staples

10.45%

10.46%

-0.01%

Energy

4.31%

5.33%

-1.01%

Financials

23.84%

25.51%

-1.67%

Health Care

10.98%

10.50%

0.48%

Industrials

12.16%

13.75%

-1.59%

Information Tech

5.70%

5.38%

0.32%

Materials

5.88%

7.75%

-1.87%

Telecomm Services

5.87%

4.56%

1.32%

Utilities

3.08%

3.61%

-0.53%

September 30, 2014

Portfolio

Benchmark

+ / -

17.81%

12.35%

5.46%

9.70%

10.31%

-0.61%

4.80%

6.46%

-1.66%

24.59%

25.20%

-0.61%

12.35%

10.67%

1.68%

11.58%

13.74%

-2.15%

5.05%

5.24%

-0.20%

5.34%

7.90%

-2.56%

5.81%

4.49%

1.33%

2.97%

3.64%

-0.67%

December 31, 2013

Portfolio

Benchmark

+ / -

21.59%

12.86%

8.73%

9.17%

10.29%

-1.12%

2.65%

6.86%

-4.20%

25.53%

25.00%

0.54%

9.97%

9.55%

0.42%

14.19%

14.07%

0.12%

7.61%

5.09%

2.52%

4.05%

7.86%

-3.81%

4.22%

5.15%

-0.92%

1.01%

3.28%

-2.27%

Top Ten Holdings / Percentage of Net Assets

December 31, 2014

TOYOTA MOTOR CORP

2.45%

HSBC HOLDINGS PLC

2.06%

ROCHE HOLDING AG GENUSSCHEIN

1.86%

AIA GROUP LTD

1.73%

UNILEVER NV CVA

1.64%

PRUDENTIAL PLC

1.42%

ASPEN PHARMACARE HOLDINGS LT

1.38%

CHECK POINT SOFTWARE TECH

1.36%

AIR LIQUIDE SA

1.36%

INTESA SANPAOLO

1.33%

Total

16.60%

September 30, 2014

ROCHE HOLDING AG GENUSSCHEIN

2.42%

TOYOTA MOTOR CORP

2.26%

HSBC HOLDINGS PLC

2.15%

SANOFI

1.64%

UNILEVER NV CVA

1.61%

AIA GROUP LTD

1.58%

SOFTBANK CORP

1.50%

ISUZU MOTORS LTD

1.39%

BG GROUP PLC

1.37%

INTESA SANPAOLO

1.36%

Total

17.28%

December 31, 2013

ROCHE HOLDING AG

2.25%

TOYOTA MOTOR CORP

2.06%

ASSA ABLOY AB B

1.65%

NOVARTIS AG REG

1.60%

AIA GROUP LTD

1.51%

NOVO NORDISK A/S B

1.29%

AIR LIQUIDE SA

1.25%

FANUC CORP

1.24%

PERSIMMON PLC

1.19%

RECKITT BENCKISER GROUP PLC

1.16%

Total

15.19%

The Fund may or may not still invest in, and no action is recommended
on, companies listed. For the most recently available information on the Fund's
holdings, visit www.calvert.com.

Equity holdings only.
Return calculation is based on daily holding periods and excludes all fund expenses and trading costs.
Portfolio weight is calculated as the average weight over the quarter.

The performance data quoted represents past
performance, which does not guarantee future results. Current performance may
differ from that shown. The statistical information above is taken from sources
believed to be reliable but cannot be guaranteed as to accuracy.

PERFORMANCE ATTRIBUTIONRelative to the MSCI EAFE Investable Market Index for the period ending 12/31/2014

1-Year Attribution

Sector

PortfolioAverage Weight

BenchmarkAverage Weight

PortfolioReturn

BenchmarkReturn

SectorSelection

StockSelection

TotalEffect

Financials

24.81%

25.17%

-11.21%

-4.51%

-0.02%

-1.74%

-1.76%

Consumer Disc.

19.19%

12.66%

-2.81%

-4.44%

-0.14%

0.29%

0.14%

Industrials

13.05%

13.84%

-4.44%

-7.31%

0.03%

0.29%

0.31%

Health Care

11.07%

10.12%

8.25%

6.14%

0.09%

0.25%

0.34%

Consumer Staples

9.76%

10.38%

-3.39%

-1.78%

-0.02%

-0.15%

-0.17%

Information Tech

5.81%

5.12%

0.04%

-1.17%

-0.04%

0.03%

-0.01%

Telecomm Services

5.42%

4.59%

-8.97%

-3.87%

0.05%

-0.30%

-0.26%

Materials

4.56%

8.17%

-6.99%

-9.58%

0.14%

0.22%

0.36%

Energy

4.09%

6.40%

-24.03%

-19.97%

0.24%

-0.20%

0.04%

Utilities

2.25%

3.54%

15.42%

4.19%

-0.15%

0.24%

0.09%

Total

100.00%

100.00%

-5.44%

-4.51%

0.18%

-1.08%

-0.93%

Top 10 Stock Contributors to Relative Return

Company

Sector

Impact

Aspen Pharmacare Holdings Limited

Health Care

0.41%

Persimmon Plc

Consumer Disc.

0.33%

CVS Health Corporation

Consumer Staples

0.31%

Check Point Software Technologies Ltd.

Information Tech

0.27%

Numericable-SFR SA

Consumer Disc.

0.20%

Dialog Semiconductor plc

Information Tech

0.20%

Novo Nordisk A/S Class B

Health Care

0.20%

AIA Group Limited

Financials

0.18%

Ashtead Group plc

Industrials

0.17%

Astellas Pharma Inc.

Health Care

0.16%

Top 3 Sector Contributors to Relative Return

Sector

Relative Weight

Impact

Energy

Underweight

0.24%

Materials

Underweight

0.14%

Health Care

Overweight

0.09%

Top 5 Stock Contributors to Absolute Return

Stock Name

Sector

Contribution

Aspen Pharmacare Holdings Limited

Health Care

0.34%

Novo Nordisk A/S Class B

Health Care

0.30%

Persimmon Plc

Consumer Disc.

0.30%

CVS Health Corporation

Consumer Staples

0.26%

Check Point Software Technologies Ltd.

Information Tech

0.21%

Bottom 10 Stock Contributors to Relative Return

Company

Sector

Impact

BG Group plc

Energy

-0.32%

SoftBank Corp.

Telecomm Services

-0.28%

Yandex NV Class A

Information Tech

-0.24%

adidas AG

Consumer Disc.

-0.23%

Mizuho Financial Group, Inc.

Financials

-0.21%

ORIX Corporation

Financials

-0.20%

Mitsubishi Estate Company, Limited

Financials

-0.19%

Statoil ASA Sponsored ADR

Energy

-0.19%

Sumitomo Mitsui Trust Holdings, Inc.

Financials

-0.16%

Sberbank Russia OJSC Sponsored ADR

Financials

-0.15%

Bottom 3 Sector Contributors to Relative Return

Sector

Relative Weight

Impact

Utilities

Underweight

-0.15%

Consumer Disc.

Overweight

-0.14%

Information Tech

Overweight

-0.04%

Bottom 5 Stock Contributors to Absolute Return

Stock Name

Sector

Contribution

BG Group plc

Energy

-0.56%

SoftBank Corp.

Telecomm Services

-0.53%

Mizuho Financial Group, Inc.

Financials

-0.34%

ORIX Corporation

Financials

-0.34%

adidas AG

Consumer Disc.

-0.28%

Equity holdings only.
Return calculation is based on daily holding periods and excludes all fund expenses and trading costs.
Portfolio weight is calculated as the average weight over the quarter.

The performance data quoted represents past
performance, which does not guarantee future results. Current performance may
differ from that shown. The statistical information above is taken from sources
believed to be reliable but cannot be guaranteed as to accuracy.

Investment in mutual funds involves risk, including possible loss of principal invested. You could lose money on your investment in the Fund or the Fund could underperform because of the following risks: the market prices of stocks held by the Fund may fall; individual investments of the Fund may not perform as expected; the Fund's portfolio management practices may not achieve the desired result; and/or the Advisor's allocation of Fund assets between the portions of the portfolio managed by the Advisor and the Sub-advisor may cause the Fund to underperform. Investing in foreign securities involves additional risks relating to political, social, and economic developments abroad; differences between the regulations that apply to U.S. and foreign issuers and markets; the potential for foreign markets to be less liquid and more volatile than U.S. markets; and currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar. In addition, the risks of investing in emerging market securities are greater than those of investing in securities of developed foreign countries.

Allocation percentages may not add to 100% due to rounding. Negative Cash positions may occur as the result of varying settlement schedules for securities.

Calvert Investments does not provide tax advice, and nothing on this site should be construed as tax advice. Before acting on any such information, consult your own accountant or tax advisor.

Calvert mutual funds are underwritten and distributed by Calvert Investment Distributors, Inc., member FINRA and subsidiary of Calvert Investments, Inc.

For more information on any Calvert fund, please contact your financial advisor, call Calvert at 800.368.2748, or download a free summary prospectus and/or prospectus. An institutional investor should call Calvert at 800.327.2109. An investor should consider the investment objectives, risks, charges and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.

Holdings are as of the date shown above, may change at any time and are not recommendations to buy or sell any security.

Net assets include all share classes.

Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.

G200ATT

FOR INSTITUTIONAL INVESTOR AND BROKER/DEALER USE ONLY. NOT FOR PUBLIC DISTRIBUTION.

Get Information and Resources

For more information on any Calvert fund, please contact Calvert at 800.368.2748 for a free summary prospectus and/or prospectus. An investor should consider the investment objectives, risks, charges, and expenses of an investment carefully before investing. The summary prospectus and prospectus contain this and other information. Read them carefully before you invest or send money.